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Michigan approves nearly $103 million in Transformational Brownfield Tax Incentives for Grand Rapids’ Factory Yards mixed-use housing project

Factory Yards exterior rendering
Heritage Development
Sabo PR
Factory Yards exterior rendering

Tax incentive ensures affordable housing with 20% of units available below market rate locked in for 20 years.

Three empty factories built in the late 1800s will soon transform the Roosevelt Park neighborhood. The $147 million Factory Yards project will convert 650,000 square feet of industrial space into mixed-income apartments, retail, and commercial space.

The Michigan Strategic Fund approved $102.98 million in Transformational Brown field Tax incentives. Detroit-based Heritage Development is spearheading the project. Partner Ben Smith said, “Rising construction costs and interest rates, in combination with the added expenses inherent in adaptive reuse project like this, would have made the project nearly impossible without the tax credits.”

The historic factories will be renovated creating 467residential units. Those will include loft-style studio, one-, two-and three-bedroom apartments. The Brownfield tax incentive stipulates the availability of affordable housing ensuring 20% of those units will be made available below market rate and will lock in for 20 years.

The 15.5-acre site at 655 Godfrey Avenue SW will also feature a half-acre outdoor gathering space, 31,000 square feet of retail and office space, a food hall with local vendors and bar, along with 825 parking spaces.

Developers say the Factory Yards project will take 30 months to complete with unit leasing to begin in early 2026.

Patrick joined WGVU Public Media in December, 2008 after eight years of investigative reporting at Grand Rapids' WOOD-TV8 and three years at WYTV News Channel 33 in Youngstown, Ohio. As News and Public Affairs Director, Patrick manages our daily radio news operation and public interest television programming. An award-winning reporter, Patrick has won multiple Michigan Associated Press Best Reporter/Anchor awards and is a three-time Academy of Television Arts & Sciences EMMY Award winner with 14 nominations.